Can me and my partner get a 100 percent morgage?

We will be buying for the first time, we are really fed up with renting as we pay £575 a month and think we could be paying that a month to buy a house instead. IM currently not working im a stay at home mom at the moment as im suffering from depression and my partner works full time we earn about £20000 a year and we are really eager to buy, im 19 and my partner is 24 we need a nice family home too as we have a 19 months old son too. If any ones knows too how much we are likely to get as well but be a big help too
thank you

If you can get a lender to even give you a mortgage you will be very lucky.

Very doubtful, with the type of money you're talking, you will very likely have to make a large cash down payment. Can you borrow some cash from family?

100% mortgages are practically non-existent now. It is hard to get a mortgage of any type without a large deposit. We are in recession.

unlikely to get 100% need deposit + survey, solicitor and other costs

i wouldnt think so, and you can only borrow around 3x your earnings - debt (i may be wrong but when we bought ours 5 yrs ago it was right!) so thats 60000? you wouldnt get a flat for that where i live!

Good Luck!

very unlikely im afraid to get a 100% mortgage as the banks at this moment in time will be looking for a substantial deposit due to the economy.
sorry for the bad news :

Absolutely not ... sorry to be the bearer of bad news. You will need at least a 20% deposit and your income certainly will not support anything over £60K. You will just have to do what i did, save for ten years and then jump in .... and I guess that is not possible on your income. I know you want something to look forward to, especially as you are feeling rough, but a mortgage is currently out of reach. The only other option is to look into shared equity deals where you buy a percentage of the home and rent the balance of it. But you are still going to find that tough. My advice ...? Save what you can, when you can ( if you cannot then a mortgage is obviously not right for you ) and when your son is old enough for school, seek work and look into it again. You need that dream right now but it is a few years away ...

100% a year ago would have been possible but these days...not so sure. If you do find someone to lend you the money you'll be paying extortionate interest. I'd rent for another year and see what happens with the world. Probably get approx 65k (3.25 times joint income). Some companies may take your income into account as well if you get benefits, others won't. Good luck, my wife suffered after our first, and there is light at the end of the tunnel.

No bank will lend you 100% in a market with falling house prices!
Bank use your assets as security. With a high chance of the house valve falling, it a very high risk for any lender.

Plus, I dont think you can afford a mortgage on 20K.
(3-4 times salary = £60,00 - £80,000)

Think of it this way, £575 a month rent is cheap, Most mortgage payments are twice this a month or more + upkeep costs / repairs.
Every month your only paying £575 your saving! and you dont have to worry about your home value falling far below what you owe the bank.

£574 per month for a mortgage is not realistic, unless the house cost was below £75,000.

You would only be allowed about three times your partners' income, so that would be 60,000 tops, which doesn't really buy you even a one-bedroom flat, does it? And pretty much all the lenders are refusing to give 100% mortgages. They need to see at least a 15% deposit, to prove your commitment to the deal. Some of the new-built houses, at starter-home level, can come with a deal whereby you only acquire a small fraction of the equity for several years, and have to keep buying more - this is like renting, but you e-e-e-e-v-e-n-t-u-a-l-l-y get something for your money - but patience is required!
As for your depression, I hope you deal with it soon. Good luck.

Unlikely in the current financial climate. I don't think any lenders r offering 100% mortgages. What about a part ownership or first time buyers scheme where u pay a part of the cost just now and then when u r a bit more comfortable buy the rest ?

It is very unlikely that you'd get a 100% mortgage.

Also, in doing so, you'd be making a huge, stupid mistake.

When you buy a house, you need to have a deposit. That should be 20% of the price of the house minimum. That means that you instantly own 20% of the house from day one.

Having that deposit means you don't need to pay mortgage insurance, which protects the BANK, not you, if you default. Why should you pay an extra fee each month so that the bank can be insured against you defaulting? Wouldn't you rather pay that money on your own mortgage so you can own your home sooner?

Also, if you needed to refinance for some reason, you would have 20% equity in the house. If you had 100% finance, you would basically be paying the bank for the privilege of living in their house for 30 years.

Furthermore, you'll end up paying a much higher rate of interest. That means that it'll cost you more per week for your home, probably WAY more than you're paying now for rent. A down payment or deposit would help you keep this figure down.

You are young. You have plenty of time to buy a house later on, after you've saved a downpayment. The saving of the downpayment or deposit is like an exam that lenders give you to see whether you can knuckle under and save some money. For people that have never had a credit card or a loan before, that down payment (and the proof of savings history) stands in for their credit history. It proves to the lenders that you can handle your money responsibly. Not having one is just shooting yourselves in the foot.

Without a down payment, you are more likely to be rejected for a loan. Each time you apply for a loan, it goes on your record, so that it looks bad. The more you apply, the worse it looks. They don't take into account whether you got the loan or not. This all drives down your credit history to make you look terrible with credit, which will guarantee either further rejection, or even worse, a very high interest rate on the loan.

Save yourself all this bother by saving a deposit for a house. You'll need at least 20% of the property price, and then maybe an extra 10K for fees, conveyancing, taxes, and other expenses that are applicable to property purchasing where you live.

No matter how much you want a house, don't risk your family's security by jumping in too soon. Save a deposit. When you are feeling better, you may be able to work and contribute financially to the deposit yourself. I know you would like a nice home for your family, but what you're planning on doing will cost far more than you can really afford. Trying to pay a mortgage on that income will be hard enough, but paying a 100% mortgage will put incredible strain on your relationship. I've had friends break up because they tried to buy too much house and it ruined their relationships. It really is awful. Don't go down that path. Save at least 10% of your income in a cash management account, and forget about buying until you have that deposit. I'm sorry, but it's your safest option.

Use one of Yahoos borrowing power calculators. Their should be one in 'calculators' on their website. That'll tell you how much you can borrow. With a dependent kid, it won't be much. That's why the deposit is your secret weapon to getting the house you want. That will make up for the shortfall between the house you want and the amount you can borrow. Take your time. Do your research on areas you'd like to buy in while you are saving. I'd take at least 2 years to save a deposit. The more you save, the better off you'll be.

I'm paying our mortgage off in 5 years. We had a 30% deposit. It really is the best thing I've ever done. We could refinance now, 18 months down the track, and pay less than $100 a week as our weekly repayment. We own most of our house and could sell it tomorrow and well and truly cover the remaining mortgage, with enough left over for a down payment on another house. We could not have done this if we had not saved a deposit. And I'll add that I work as a process worker in a factory on minimum wage, and my partner is on a VERY low salary. Combined, we probably earn less than your partner makes, given that we earn in Australian dollars and he earns in Pounds. We aren't earning a lot, but we were still able to do it. You can too. You just need a plan for your savings, with goals. Sit down with your partner and talk about what kind of house you want, how much you want to spend, and how much you can afford to save now. Get a plan, set up your savings by direct debit, and your finances will take care of themselves.

Best wishes

In the current lending environment, NO ONE can get a 100% mortgage.

To get a halfway decent 2 bed place round here you're looking at about £100k just now which on a repayment mortgage with a typical rate of 5.6 % you'd be forking out £611 a month just on the mortgage let alone the maintainance which the landlord of a rented place has to take care of. Plus on top of that average houses are losing £2k a month in value and that is likely to continue for at least 1 or possibly 2 years. Basing this crash on the 3 previous average prices are likely to stabalise at around the £100 k mark. Thats the average house which a 2 bed isn't. So given that you'd be at least £30 a month worse off and would be losing about £1k a month in value you'd have to be mad to buy just now. And also with the income and no deposit very unlikely to get a mortgage that could possibly get you a place you'd want. Asumming you did manage to find the money from some less than reputible mortgage company the interest for such a high risk loan would be far greater than 5.6%. Think about this-mortgage literally means death grip, the mortgages of old were never really expected to be paid off. The landed french aristocrocy borrowed money against thier estate and the estate was used to settle the debt upon thier death.

Very unlikely 100% mortgage and on top of that there is valuation fees and solicitor fees.

How much you are likely to get is best to actually speak to a mortage advisor, it's what I did.

go to the bank and find out

Depending on where you live $20,000 a yr might not buy you much house. With the problems the housing market has had I believe they aren't doing 100 financing anymore.
You can go on-line type in mortgage loans and it will tell you how much you can qualify for.

100% mortgage is more risk than it's worth, for you and the lender. woolwich offer great rates atm, at 95% at most, but you should try and save every penny you can for a while, despite the recession, now is not that much of a bad time to buy... if you can afford it!. the house prices have dropped, along with the interest rates. but you should consider saving up for a deposit first. when you take a loan, firstly they will consider how much they can offer, with the woolwich it would be 4x your husbands earnings (houshold income, as you are not in receipt of any income) then affordability will be considered, and they would leave you with as little as £37 a week to cover all other bills and food etc.
consider all your options, try moving house, look around, also try the social housing lists as the rent could be a lot cheaper, providing you qualify, and also local housing associations sometimes offer a shared buying scheme!
good luck!

Not any more. You will need between 10 and 20% as a downpayment and you can borrow a max. of approx. GBP 60K (i.e. 3x salary).

100% per cent mortgages disappeared with the failure of Northern Rock. Without 15% or more down, you're going to still be renting. As well, your combined income is too low to buy a place.

Why do you think you should get a 100 percent mortgage ? You put up no money of your own. You are paying the equivalent of rent and really have no financial interest in the property. Mortgage companies are not supposed to be Santa Claus. They give you the opportunity to own but you have to exhibit some initiative on your own.

i wish i could do that.

Im afraid £20k a year isn't enough to get a mortgage these days, you'll probably be looking to pay more than £575 for a mortgage each month anyway.

Your going to have to wait until either your partner has a better paid job or your working too.

Think yourself lucky my husband and i are both 21 and have a 3 year old daughter, even though he's an estate agent and i work full time in a Professional job, because we have bad credit we can't get a mortgage, so instead we have to fork out £750 per month for a little two bed terrace.

Bottom line is life isn't easy welcome to the club!

NO......You need a 25-35% down payment........get a job you will feel better about yourself.........

you used to be able to get 100% mortgages but now im not sure, book in to see a adviser most estate agents have them there free advice they will tell you all u need to know make sure u take proof of all income though
hope this helped

simple answer .... no

i know of a lender who still offer 100% mortgages to 1st time buyers. however it would be irresponsible of me not to underline the risks and pitfalls of taking up such a huge level of debt.

I understand how you feel in terms of wanting a place you can call home and probably more importantly a place where your young child can call home and grow up in. however you must take some of the emotion out of this situation.

to get even a half decent small home nowdays will cost you at least 100k no one will lend you that amount of money with no deposit on your partners current salary, and thats without taking into account any outgoings. The amount lender give you is based on affordability and not multiples of income as some have suggested, with a young family to pay for he is extremely unlikely to fit within the required parameters. without knowing what your outgoings are i couldnt give you an accurate figure of what you may be given by lenders i wiould suggest about 55k -65k

also house prices are still tumbling do you really want to burden yourself with debt on a house which is losing value?

if you have any queries please email me

If were you I would look for owner financing, I live in Florida and had a house in Kentucky so did owner financing through the mail and it worked out very well, sold the house as is instead of having to travel over 800 miles then spend time and money to fix it up. If you are willing to buy as is and spend time and money fixing it up it may be worth a try. I also used an attorney for the paper work, good luck, if you can pay that much in rent you can surely pay that in a house payment

You need to ask a bank. But generally it is at least 5% if not more

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